HDFC BANK LIMITED vs Banco Santander, S.A., two Banks—Regional stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Bank balance sheets defeat casual reading, so start where the accounting is honest: HDFC earns 1.4% on assets, Santander 0.83%, Indian banking economics against European ones, and the gap survives every adjustment. Santander's 36.6% net margin and 13.8% return on equity beat HDFC's 30.8% and post-merger 7.8% at the equity line, where HDFC's mortgage-merger dilution still weighs. The market prices the geographies eleven turns apart, 24.8 times for India's runway against 13.6 for Iberia's maturity, at nearly identical size, $197B and $199B. Twin scale, opposite premiums: the pair prices where banking's next decade of growth lives, and the market has picked the subcontinent.
Comparison updated 2026-07-10.
| Metric | HDB | SAN |
|---|---|---|
| Price | $25.74 | $13.40 |
| Market cap | $197.2B | $199.5B |
| Sector | Financial Services | Financial Services |
| Stage | Growth | Mature |
| P/E | 24.8 | 13.6 |
| P/B | 1.95 | 1.63 |
| P/S | 7.69 | 4.33 |
| EV/EBITDA | — | 9.8 |
| Revenue growth | +26.0% | +6.3% |
| Gross margin | — | 138.5% |
| Net margin | 30.8% | 36.6% |
| Return on equity | 7.8% | 13.8% |
| Return on assets | 1.4% | 0.8% |
| Dividend yield | 1.0% | — |
| Debt / equity | 0.83 | 0.00 |
| Piotroski F (quality) | 7 / 9 | 5 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.